More ...
Applications & Filings
Application Fees & Assessments
Pharmacy Benefit Managers
Banks and Trusts
Insurance Agents & Brokers
Insurance provider
Mortgage Companies
Money Transmitters
Virtual Currency Businesses
More ...
Industry Guidance
Cybersecurity Resource Center
Climate Change
Diversity, Equity and Inclusion
Innovation.
Health Equity.
Enforcement & Discipline.
Circular Letters.
Industry Letters.
Regulatory & Legislative Activities.
Reports & Publications.
Newsroom.
Statements & Comment Letters.
Examinations & Exam Reports.
DFS Annual Reports.
Other Reports.
Interagency MOUs.
Public Hearings.
Weekly Bulletins.
About Us.
Contact Us.
File a Problem or Appeal.
Careers With DFS.
Newsroom.
Procurement.


Help for Homeowners
brave.com
- Foreclosure Assistance - Help for Homeowners Facing Foreclosure.

• Find a Housing Counselor.
• If You Fall Behind.
• Know Your Options.
• Know Your Rights in Foreclosure.
• Settlement Conferences
  
  - A Tenant's Rights in Foreclosure.
• Rent-To-Own and Installment Contracts.
• Renter's Insurance
  
  - Basic Coverage and Adding Coverage.
• Force-Placed Insurance.
• Cancellations and Nonrenewals.
• Choosing a Policy.
• How Much Insurance Do You Need?
• Problems Obtaining Insurance.
• Flood Insurance.
• Understanding What Affects the Cost.
• Searching for Insurance.
• Managing and Mitigating Losses
  
  Residential Foreclosure Actions Consumer Bill of Rights
  
  This Residential Foreclosure Actions Consumer Bill of Rights provides guidance to house owners dealing with foreclosure in New York. A foreclosure is a suit, and house owners should look for help from an attorney or housing counselor in exploring potential legal defenses to the fit. Homeowners should likewise understand their general rights and responsibilities highlighted listed below.
  
  Throughout the Foreclosure Process
  
  You have the right to remain in your home and the responsibility to preserve your residential or commercial property unless and till a court orders you to abandon. If you abandon your home, the complainant (bank or mortgage servicer) might be able to foreclose on your residential or commercial property through an expedited procedure in court. To prevent this outcome, stay in your home and thoroughly evaluation and react to documents you receive from the complainant or the court in your foreclosure case. A failure to react or appear in court when required to do so could make it much easier for the complainant to show that your residential or commercial property is uninhabited and abandoned, which might put you at risk of an expedited foreclosure.
  
  You have a right to be represented by a lawyer and might be qualified free of charge legal or housing .
  
  You have a right to be devoid of harassment or foreclosure rip-offs. Strongly consider talking to an attorney or housing therapist, if available, before signing any documents. If you are the target of harassment or scams, contact DFS by calling our Consumer Hotline at (800) 342-3736.
  
  You have a right to avoid foreclosure if you repay your loan completely at any time prior to the sale of your home, or if you work out a settlement with the complainant.
  
  Before a Foreclosure Action Begins in Court
  
  You have a right to be notified a minimum of 90 days before a foreclosure match is submitted informing you that you are in default and at danger of foreclosure. You have the right to check out "loss mitigation" alternatives that might permit you to keep your home and prevent litigation. The bank or mortgage servicer is needed to help you comprehend your loss mitigation choices. If you have actually submitted a completed loss mitigation application, your bank or mortgage servicer need to complete its review of your application before proceeding with the foreclosure match.
  
  RPAPL § 1303 has been modified to require plaintiffs in foreclosure actions to provide a more particular and valuable notification to customers concerning their rights and obligations during the foreclosure process. Specifically, the notice should show that house owners have the right to remain in their homes till a foreclosure sale takes place and the obligation to maintain their residential or commercial property and pay relevant taxes up until such time. This area is intended to assist prevent residential or commercial properties from becoming vacant in the very first location. Read the particular language needed by RPAPL § 1303.
  
  RPAPL § 1304 requires mortgage financial institutions to offer customers a minimum of ninety days' notice before beginning a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") should consist of the following language: "As of ___, your mortgage is ___ days in default ... You can cure this default by making the payment of ___ dollars by ___." Unfortunately, borrowers often analyzed this arrangement to imply that as long as the customer provided the stated quantity by the date defined, the loan would be reinstated. Frequently, the "treatment date" specified in the PFN is the earliest date on which the financial institution can start a foreclosure action, which is 90 days after sending the PFN. When the customer waits a complete 90 days to offer the quantity defined, any missed out on payments and associated interest and charges from the intervening months would be contributed to the deficiency. In such a case, the customer who sends the amount stated in the PFN would stay in default due to stepping in accruals, in spite of his/her good-faith efforts to attend to the default defined in the PFN.
  
  The brand-new law addresses this concern by modifying the very first line of the notice to read "Since ____ your mortgage is ____ days and ___ dollars in default." Similarly, it adds language to RPAPL § 1304 which highlights the debtor's ongoing rights and duties throughout the foreclosure process. Read the new pre-foreclosure notification language.
  
  Once a Foreclosure Action Begins
  
  You can get a copy of the legal papers in the foreclosure suit when it begins. This is known as "service" of the Summons and Complaint. You must react to the Summons and Complaint with an "Answer" within 20 days after you have been personally served, and within 1 month if served on you by other ways. The Answer is your chance to state your defenses.
  
  You ought to seek advice from an attorney or housing counselor for help in this procedure.
  
  You have a commitment to appear at all set up court appearances. If you stop working to appear, you run the risk of losing important rights, which might lead to the loss of the case and your home.
  
  You have a right to demand court authorization to proceed without paying court costs.
  
  At a Necessary Settlement Conference
  
  You have a right to an explanation of the nature of the foreclosure action against you.
  
  Both celebrations have a commitment to bring all necessary files to the settlement conference. For a general list of required files, check out the Mandatory Settlement Conference info page.
  
  Both celebrations should work out in "great faith", which means honestly and relatively. If you stop working to do so, you might lose the opportunity to pursue a court-supervised settlement. If the bank or mortgage servicer stops working to do so, the court may enforce likewise considerable penalties. Negotiating in excellent faith does not require either celebration to settle.
  
  If you previously failed to send a Response, you will be given an additional one month to do so at the settlement conference.
  
  After Settlement Agreement or Fully Executed Loss Mitigation Agreement
  
  Within 90 days of settling a settlement, the lis pendens classification on your residential or commercial property, which warns people that title to your residential or commercial property remains in conflict, must be lifted.
  
  You might be accountable for additional taxes if you reach a settlement that consists of financial obligation forgiveness. Seek recommendations from a tax professional about any resulting tax effects.
  
  After Judgment of Foreclosure and Sale
  
  Upon a judgment of foreclosure and sale, the brand-new owner can look for to evict you from the residential or commercial property.
  
  If the home is resold for more than what you owe, you have a right to file an application with the court for the surplus funds, subject to certain due dates. It is necessary to look for assistance from a legal company if you think you are owed a surplus.
  
  If the home is offered for less than what you owe, the lender might file an application for a judgment against you for the difference, called a shortage judgment. You might have the right to contest the quantity of any deficiency judgment, consisting of interest and charges.
  
  Get Help! Contact a Not-for-Profit Housing Counselor
  
  Housing therapists that handle foreclosure-related problems can offer you advice on your alternatives and resources at little or no charge. They might likewise be able to work out with your lending institution for totally free and assist you find totally free legal services in your location.
  
  Housing therapy resources for New Yorkers include:
  
  - New york city's Homeowner Protection Program (HOPP), which gets in touch with housing counselors and legal services at no charge. Call the HOPP hotline at (855) 466-3456 or go to homeownerhelpny.com.
• You can discover a list of approved non-profit housing counselors by county here, on the DFS website.
• 24-Hour support is readily available toll-free on the HOPE NOW hotline at 888-995-HOPE (888-995-4673). HOPE NOW is an alliance of HUD authorized counseling representatives, servicers, and investors that provide complimentary assistance.
• If you reside in New York City, you can likewise call 311.
  
  If you remain in a foreclosure court case, you ought to speak with an attorney.
  
  Seek Legal Assistance
  
  Contact an attorney and evaluate your mortgage files. Make certain your loan is not in offense of any laws. If you do not have a lawyer, the New York State Bar Association might be able to refer you to a suitable attorney for your circumstance.
  
  If you can not afford a personal attorney, resources for totally free or low-cost legal assistance consist of:
  
  - New York's Homeowner Protection Program (HOPP), which links with housing therapists and legal services at no charge. Call the HOPP hotline at (855) 466-3456 or check out homeownerhelpny.com.
• The New York State Bar Association's Lawyer Referral and Information Service.
• The Legal Service Corporation site. LawHelp.org, an online directory of complimentary legal service suppliers in New york city.